Balance Sheet Components

3 Months Ended

Aug. 31, 2024

Balance Sheet Components [Abstract]

Balance Sheet Components

NOTE 4. Balance Sheet Components

Property and Equipment, net

Property and equipment consist of the following:

	August 31, 2024			May 31, 2024
Computer Equipment	$	66		$	66
Leasehold Improvements		17			17
Tools and Equipment		48			48
Website Development		152			152
Vehicles		16			16
		299			299
Accumulated Depreciation		(124	)		(94	)
Total Property and Equipment, net	$	175		$	205

Depreciation expenses of $30 for the three months ended August 31, 2024 (August 31, 2023 - $6) has been recorded in General and Administrative expenses in the unaudited condensed interim consolidated statements of operations.

Prepaid Expenses

Prepaid Expenses consisted of the following:

	August 31, 2024		May 31, 2024
Prepaid insurance	$	377	$	482
Prepaid rent		1		1
Prepaid software		7		10
Prepaid capital market services		1,733		1,938
Total Prepaid expenses	$	2,118	$	2,431

Accrued Expenses

Accrued Expenses consisted of the following:

	August 31, 2024		May 31, 2024
Accrued professional fees	$	92	$	406
Accrued employee costs		8		84
Other accrued expenses		112		84
Total Accrued expenses	$	212	$	574

Leases

The Company has previously entered into multiple lease agreements for the use of certain property and equipment under operating and finance leases. Property leases include hangars, storage, offices, and other space.

The Company records the initial right-to-use asset and lease liability at the present value of lease payments scheduled during the lease term. Unless the rate implicit in the lease is readily determinable, the Company discounts the lease payments using an estimated incremental borrowing rate at the time of lease commencement. The Company estimates the incremental borrowing rate based on the information available at the lease commencement date, including the rate the Company could borrow for a similar amount, over a similar lease term with similar collateral. The Company’s weighted-average discount rate for operating and finance leases during all periods presented was 10%.

Operating lease expense is recognized on a straight-line basis over the lease term. The weighted-average remaining lease term is 2 years as of August 31, 2024. There are no finance leases remaining as of August 31, 2024.

The Company’s lease costs were as follows:

	Quarter-Ended
	August 31, 2024		August 31, 2023
Operating lease cost	$	14	$	14
Short-term lease cost		1		2
Total Lease cost	$	15	$	16

The Company’s weighted-average remaining lease term and discount rate as of August 31, 2024, and May 31, 2024 was as follows:

	August 31, 2024			May 31, 2024
Weighted-average remaining lease term (years)		2			2
Weighted-average discount rate		10	%		10	%

The minimum aggregate future obligations under the Company’s non-cancellable operating leases as of August 31, 2024 were as follows (in 000’s):

	August 31, 2024
fiscal 2025	$	37
fiscal 2026		24
fiscal 2027		8
Total future lease payments		69
Less: imputed interest		(7	)
Present value of future lease payments	$	62